BANGKOK – The Finance Ministry vows to use appropriate economic stimulus measures to reduce COVID-19 impact as it warns the economy will further contract in the second quarter.
Lavaron Sangsnit, Director of the Ministry’s Fiscal Policy Office, said on Thursday that the Finance Ministry was ready to roll out necessary stimulus measures in timely manner.
Responding to calls for more incentive to boost consumer spending, Lavaron said it was too early to decide the best measure.
Lavaron’s remarks came one day after the Bank of Thailand cut the policy interest rate to the record low 0.50 percent.
He commented that the interest rate cut was in line with the fiscal policy in the wake of COVID-19 crisis.
The adverse impacts of the pandemic on the economy started in late March when the lockdown began. In the second quarter, economic indicators would significantly showed the negative effects on economic activities, he said. (TNA)